Ethic Inc. Sells 37,014 Shares of Medtronic plc (NYSE:MDT)

Ethic Inc. decreased its position in Medtronic plc (NYSE:MDT) by 26.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,173 shares of the medical technology company’s stock after selling 37,014 shares during the period. Ethic Inc.’s holdings in Medtronic were worth $8,241,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $26,000. Stephens Consulting LLC boosted its holdings in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the last quarter. Rakuten Securities Inc. grew its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the period. Optiver Holding B.V. bought a new stake in shares of Medtronic in the 4th quarter valued at about $31,000. Finally, Chapman Financial Group LLC acquired a new stake in shares of Medtronic in the 4th quarter valued at approximately $33,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Robert W. Baird raised their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $96.14.

Medtronic Stock Down 0.2 %

Medtronic stock opened at $83.47 on Friday. The company has a fifty day simple moving average of $86.76 and a 200 day simple moving average of $86.83. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a market cap of $107.05 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.